In terms of revenue in 2014, the global market for citric acid market was calculated to be USD 2.16 billion and is projected to reach $ 3.66 billion by 2022, growing at a CAGR of 7.4% from 2015 to 2022. In 2014, in terms ofvolume the market demand for citric acid was 1.80 million tons and is projected to reach 2.60 million tons by 2022 at a CAGR of 5.3% during the forecast period.
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The market is growing on the back of rising demand for innovative food and beverages. Moreover, increased in popularity of convenience foods as processed food, frozen food and ready to drink beverages are the factors driving the market growth.Emergenceof lactic acid as a new substitute for citric acid is one of the major factor inhibiting the market growth. Untapped economies such as Africa, Brazil, UAE, Syria, Turkeyand Egypt offers huge market potential.
Citric acid is mainly used in food & beverage industries, due to its low toxicity when compared with other acidulants. More than half of the market pie is accounted for by food and beverage. Household detergents and cleaners is another major application of citric acid andis 5.1% from 2015 to 2022. Pharmaceuticals and cosmetics are the two emerging applications of citric acid but offers huge growth potential during the forecast period.
By geography, Europe and North America accounted for two thirdsduring the forecast period. In these regions, food and beveragesis the major end use application for citric acid in the process of carbonated soft drink market in the US, Germany and Canada. asiaPacific is the fastest growing market. It is projected to grow at a CAGR of 7.9% from 2015 to 2022 in terms of revenue. RoW Regions such as Brazil, UAE, Turkeyand Africa also offers huge market potential and projected to exhibit to exhibit above average growth rates.
Archer-Daniels-Midland Company, Tate & Lyle PLC, RZBC Group Co. Ltd., Anhui COFCO Biochemical and Jungbunzlauer are some of the major players in this market.
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